The need for a robust cybersecurity program is essential to protect personally identifiable information (PII) such as social security numbers, taxpayer identification numbers, financial account information, credit card information, and even physical and email address. Cybercriminals are increasingly looking to exploit IT systems to capture high-value information that can be used or sold to criminals. In 2020, there were over 1,000 data breaches that resulted in the exposure of 155 million records. As cybercriminals become more sophisticated it is essential to ensure maximum protections are in place to protect sensitive benefit plan information. The Department of Labor (DOL) recently issued guidance to ensure plan sponsors are hiring service providers with strong cybersecurity practices. Key questions about cybersecurity practices, past incidents, process validation, cybersecurity insurance coverage, and more are discussed. To help clients, prospects, and others, Wilson Lewis has provided a summary of key details below.
Atlanta plan sponsors have an important responsibility to ensure hired providers have adequate cybersecurity measures, safeguards, and insurance in place to protect plan data. If you have questions about the information outlined above or need assistance with a benefit plan audit, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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